Brightline Restructures Debt, Files Chapter 11 — but Miami-to-Orlando Trains Keep Running

Brightline is restructuring its finances, and if you ride the train to or from Orlando, here's what actually changes for you: nothing, at least for now.

Brightline Orlando Station

The company announced on September 25, 2026 that it has reached a Restructuring Support Agreement with major stakeholders, including Assured Guaranty and a group of mutual fund bondholders. As part of the deal, certain Brightline parent entities will file for Chapter 11 bankruptcy protection in New Jersey. But Brightline Trains Florida LLC, the entity that actually runs your train between Miami and Orlando, is not part of that filing and will keep operating under its current management.

What's Changing

Stakeholders have agreed to commit $490 million in new financing to Brightline Trains Florida LLC. That breaks down as:

• $140 million in additional senior debt
• $350 million in new junior debt

This new capital is meant to fund the restructuring and give Brightline more breathing room financially.

What's Staying the Same

A few things aren't affected by any of this:

• Your Miami-to-Orlando train service continues as normal.
• The $2.2 billion Series 2024 Tax-Exempt Bonds and Assured Guaranty's bond insurance policy stay in place.
• Brightline Florida Holdings LLC and AAF Operations Holdings LLC, the entities tied to future commuter service in South Florida and expansion to Tampa, are not part of the Chapter 11 filing.
• Other outstanding bonds tied to expansion projects, including the Series 2025B bonds and AAF Operations Holdings bonds, remain in place with no change to principal amounts.

Despite the restructuring, Brightline says ridership and revenue are both up. Year-to-date ridership through August 2026 grew 14% compared to 2025, and revenue grew 17% over the same period.

Patrick Goddard, CEO of Brightline Florida, framed the deal as a way to support that growth. Nicolas Petrovic, CEO of Brightline Train Development LLC, said the restructuring gives the company a balance sheet that matches the growth it's already seeing.

Brightline Orlando Station

What This Means If You're Planning a Disney Trip

If you use Brightline to get to Walt Disney World from Miami or South Florida, you can keep booking as usual. The restructuring affects Brightline's corporate finances, not its train schedule. The company also says it plans to keep pursuing its growth plans, including new stations along the corridor (Cocoa among them), commuter rail in South Florida, and the extension from Orlando to Tampa.

Brightline Orlando Station